BASIC APPRAISAL PRINCIPLES TERMS EXAM | WITH 100% CORRECT ANSWERS | GRADED +

USPAP permits an appraiser to be biased in certain appraisal assignments, as long as the bias is properly disclosed. ANSWER: FALSE What term is defined as "relating to what is good or bad; having to do with moral duty and obligation"? ANSWER: ETHICS The mere fact that an appraiser has previously appraised a property is typically NOT considered confidential information under USPAP. ANSWER: TRUE If not required to comply with USPAP by law, regulation, or agreement with the client, an appraiser may voluntarily choose to comply with USPAP. ANSWER: TRUE Ethics concerns our obligation to consider ANSWER: The well-being of others, our personal well-being, and the well-being of society as a whole. An appraiser who selects only the data that supports the contract sale price in an appraisal has violated USPAP ANSWER: TRUE It is unethical for an appraiser to pay a fee to be included on a lender's approved appraiser list. ANSWER: FALSE Is it ethical for an appraiser to offer a reduce fee on a an appraisal if the client's loan does not close? ANSWER: NO If an appraiser does not charge a fee for an appraisal, he is not required to comply with USPAP in completing it.